SO the question I ask - and I would like to know everyone's view...

SO the question I ask - and I would like to know everyone's view on this - is how much money do they need to raise? To get them to breakeven? Or enough to prove enough growth to then raise again at hopefully higher prices?

The market cap is currently $33 million. I reckon they need at least $20 million. Assuming it's a placement to instos/sophisticaed investors at today's closing price of 10c, they are raising the equivalent of 60% of their current market cap to get $20 mil. Dilution, ouch.

Even if its split, lets say it's a $16m placement + $4m SPP, there is still significant dilution.

The hard part is the $15m debt. Makes me think they need more than $20m to see them through to breakeven.